Trump Threatens China with Higher Tariffs
(MENAFN) In an escalation of the ongoing global trade disputes, U.S. Leader Donald Trump on Monday warned that he may introduce a 50 percent tariff on China, building on the 34 percent reciprocal tariffs that were announced just a week earlier.
Trump expressed his dissatisfaction with China’s recent actions, stating, "Yesterday, China issued Retaliatory Tariffs of 34 percent, on top of their already record setting Tariffs, Non-Monetary Tariffs, Illegal Subsidization of companies, and massive long term Currency Manipulation, despite my warning that any country that Retaliates against the U.S. by issuing additional Tariffs, above and beyond their already existing long term Tariff abuse of our Nation, will be immediately met with new and substantially higher Tariffs, over and above those initially set," in a post on social media.
The President indicated that should China fail to reverse its 34 percent tariff increase by April 8, he would proceed to implement an additional 50 percent tariff. He further specified that the new tariffs would take effect by Wednesday.
Trump also stated, "Additionally, all talks with China concerning their requested meetings with us will be terminated! Negotiations with other countries, which have also requested meetings, will begin taking place immediately."
Earlier in the week, Trump had revealed plans to impose extensive reciprocal tariffs on more than 180 nations, with rates varying from 10 percent to 50 percent.
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